EUR/USD, GBP/USD and AUD/USD rebound, but will it last?
EUR/USD, GBP/USD and AUD/USD regain ground, yet questions remain over whether this rally will last.
EUR/USD rebounds, yet bears could return
EUR/USD has been seeing some rare gains, with the recent downtrend starting to unravel thanks to a break through 1.0831 resistance.
While we have been pushing higher since then, there is a chance we could see some weakness play out today following a 61.8% Fibonacci retracement in the wake of a decline below 1.0778. With that in mind, a bearish short-term outlook is in play, with a rise through 1.0888 required to continue the recent recovery.
GBP/USD rallies towards key resistance level
GBP/USD has been on the rise over the course of this week, with the pair moving in an impressively consistent trajectory over the past 24 hours.
However, we remain below the 1.1935 level which must be broken to bring about a wider bullish view. Until then, there is a chance we will turn lower again, with a breakdown below trendline support providing that initial bearish signal. With that in mind, watch for whether we see price action break through trendline support, with a rise above 1.1935 required to bring a bullish view into play.
AUD/USD breaks through major resistance level
AUD/USD has broken through the 0.5986 resistance level this morning, with the recent rebound in risk assets benefitting the Australian dollar.
That rise points towards the possibility of further upside, with a break below 0.5865 required to bring about a bearish view once more.
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